Form N-20 - Schedule D - Capital Gains And Losses - 2015 Page 2
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1
2SCHEDULE D
Form N-20
(REV. 2015)
Page 2
must report the full amount of the gain on a
warrants, from a qualified high technology busi-
Column (d) — Sales Price
timely filed return (including extensions).
ness or from a holding company of a qualified
Enter in this column either the gross sales price
high technology business by an employee, offi-
If the partnership wants to elect out of the
or the net sales price from the sale. On sales of
cer, or director of the qualified high technology
installment method for installment gain that
stocks and bonds, report the gross amount as re-
business, or investor who qualifies for the high
is specially allocated among the partners, it
ported to the partnership by the partnership’s
technology business investment tax credit is ex-
must do the following on a timely filed return
broker on federal Form 1099-B, Proceeds From
cluded from income taxes.
(including extensions):
Broker and Barter Exchange Transactions, or
Use lines 5 and 13 to reduce the partnership’s
similar statement. However, if the broker advised
1. For a short-term capital gain, report the
capital gain for these amounts reported on other
the partnership that gross proceeds (gross sales
full amount of the gain on Schedule K
lines of Schedule D.
price) less commissions and option premiums
(Form N-20), line 8 or 11.
were reported to the Department of Taxation, en-
For a long-term capital gain, report the
Lines 6 and 14 - Section 235-7(a)
ter that net amount in column (d).
full amount of the gain on Schedule K
(14), HRS, Short-Term and Long-
(Form N-20), line 9 or 11.
Column (e) — Cost or Other Basis
Term Capital Gain Exemption
2. Enter each partner’s share of the full
In general, the cost or other basis is the cost of
For tax years beginning after 2007 and ending
amount of the gain on Schedule K-1 (Form
the property plus purchase commissions and im-
before 2018, the gain realized by a fee simple
N-20), line 8, 9, or 11, whichever applies.
provements and minus depreciation, amortiza-
owner from the sale of a leased fee interest in
•
For other items for special treatment, see the fed-
tion, and depletion. If the partnership received
units within a condominium project, cooperative
eral Instructions for Schedule D (Form 1065).
the property in a tax-free exchange, involuntary
project, or planned unit development to the asso-
conversion, or wash sale of stock, it may not be
Constructive sales treatment for certain ap-
ciation of owners under chapter 514A or 514B, or
able to use the actual cash cost as the basis. If
preciated positions.
the residential cooperative corporation of the
the partnership does not use cash cost, attach an
leasehold units is exempt from Hawaii income
Generally, the partnership must recognize gain
explanation of the basis.
taxation.
(but not loss) on the date it enters into a construc-
When selling stock, adjust the basis by sub-
tive sale of any appreciated position in stock, a
Use lines 6 and 14 to reduce the partnership’s
tracting all the stock-related nontaxable distribu-
partnership interest, or certain debt instruments
capital gain for these amounts reported on other
tions received before the sale. This includes non-
as if the position were disposed of at fair market
lines of Schedule D.
taxable distributions from utility company stock
value on that date.
For purposes of this exemption, “fee simple
and mutual funds. Also adjust the basis for any
For more details, see the federal Instructions
owner” means the person who owns the fee sim-
stock splits or stock dividends.
for Schedule D (Form 1065) and federal Publica-
ple title to the land which is leased, including a
If a charitable contribution deduction is
tion 550, Investment Income and Expenses.
life tenant with a remainder over, vested or con-
passed through to a partner because of a sale
tingent, and a holder of a defeasible estate, and
Rollover of gain from qualified stock.
of property to a charitable organization, the ad-
the holder’s heirs, successors, legal representa-
If the partnership sold qualified small business
justed basis for determining gain from the sale is
tives, and assigns. “Leased fee interest” means
stock it held for more than 6 months, it may post-
an amount that has the same ratio to the adjust-
all of the interests of the fee owner, lessor, and
pone gain if it purchased other qualified small
ed basis as the amount realized has to the fair
all legal and equitable owners of the land which
business stock during the 60-day period that be-
market value.
is leased, other than the lessee’s interest as de-
gan on the date of the sale. The partnership must
fined by chapter 516, HRS. “Legal and equita-
See section 852(f) for the treatment of certain
recognize gain to the extent the sale proceeds
ble owners” means the fee simple owner and all
load charges incurred in acquiring stock in a mu-
exceed the cost of the replacement stock. Re-
persons having legal or equitable interests in the
tual fund with a reinvestment right.
duce the basis of the replacement stock by any
fee or in the lessor’s leasehold estate, including
If the gross sale price is reported in column
postponed gain.
mortgagees, developers, lienors, and sublessors,
(d), increase the cost or other basis by any ex-
If the partnership chooses to postpone gain,
and their respective heirs, successors, legal rep-
pense of sale, such as broker’s fees, commis-
report the entire gain realized on the sale on line
resentatives, and assigns. “Condominium proj-
sions, or option premiums, before making an en-
1 or 8. Directly below the line on which the part-
ect” means a real estate condominium project; a
try in column (e).
nership reported the gain, enter in column (a)
plan or project whereby a condominium of two or
For more information, see federal Publication
“Section 1045 Rollover” and enter as a (loss) in
more units located within the condominium prop-
551, Basis of Assets.
column (f) the amount of the postponed gain.
erty regime have been sold or leased or are of-
fered or proposed to be offered for sale or lease.
Caution: The partnership also must separately
Column (f) — Gain or (Loss)
“Cooperative project” means a real estate co-
state the amount of the gain rolled over on quali-
Make a separate entry in this column for each
operative housing corporation project; a plan or
fied stock under section 1045 on Form N-20,
transaction reported on lines 1 and 8 and any
project whereby two or more apartments located
Schedule K, line 11, because each partner must
other line(s) that applies to the partnership. For
in a building owned by a cooperative housing cor-
determine if he or she qualifies for the rollover at
lines 1 and 8, subtract the amount in column (e)
poration have been leased or are offered or pro-
the partner level. Also, the partnership must sep-
from the amount in column (d). Enter negative
posed to be offered to be leased.
arately state on that line (and not on Schedule D)
amounts in parentheses.
any gain that would qualify for the section 1045
Line 12 — Capital Gain Distributions
rollover at the partner level instead of the partner-
Lines 4 and 11 — Capital Gains and
On line 12, column (f), report as capital gain dis-
ship level (because a partner was entitled to pur-
Losses From Other Partnerships,
tributions (a) capital gain dividends and (b) the
chase replacement stock) and any gain on quali-
Estates, and Trusts
partnership’s share of undistributed capital gains
fied stock that could qualify for the 50% exclusion
from a regulated investment company or real es-
under section 1202.
See the Schedule K-1 or other information sup-
tate investment trust (REIT). Report the partner-
plied to you by the other partnership, estate, or
Specific Instructions
ship’s share of Hawaii income taxes paid on un-
trust.
distributed capital gains by a regulated invest-
Lines 1 and 8 — Short-Term and
ment company or REIT on a statement attached
Lines 5 and 13 — Short-Term and
Long-Term Capital Gains and
to Form N-20 for Schedule K, line 31, and on
Long-Term Capital Gains From
Schedule K-1, line 37.
Losses
Stock Acquired Through Stock
If more space is needed, attach a statement.
Options From Qualified High
Technology Businesses
Columns (b) and (c) — Date
Effective for tax years beginning after December
Acquired and Date Sold
31, 1999, all income earned and proceeds de-
Use the trade dates for date acquired and date
rived from stock options or stock, including stock
sold for stocks and bonds traded on an exchange
issued through the exercise of stock options or
or over-the-counter market.
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